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CUs Reveal How They're Dealing With the Government Shutdown

PenFed promotes its financial relief programs; Navy Federal keeps mortgage loans in motion.

By Tina Orem and Jim DuPlessis | January 14, 2019 at 04:20 PM
Government shutdown

Government shutdowns may seem like rare events, but for the McLean, Va.-based Pentagon Federal Credit Union, they’re all too familiar – this is the 21st shutdown it has endured. For better or worse, all that practice has taught the credit union, which has $24 billion in assets, some useful lessons in how to help members and manage operations when so much is up in the air.

PenFed serves the military, as well as employees of the Department of Defense and the Department of Homeland Security, among other groups. It has about 1.7 million members, over 350,000 of whom are in the Washington, D.C. metro area, PenFed EVP of Corporate and Business Development Ricardo Chamorro told CU Times.

 

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